London team advises IMI on proposed £110m acquisition of Heatmiser

Global law firm Norton Rose Fulbright has advised IMI plc (IMI) in relation to its proposed acquisition of Heatmiser UK Ltd (Heatmiser), for an enterprise value of £110m, with up to a further £8m based on Heatmiser’s future financial performance.

IMI is a specialist engineering company that, designs, manufactures and services highly engineered products that control the precise movement of fluids. Its innovative technologies, built around valves and actuators, enable vital processes to operate safely, sustainably, cleanly, efficiently and cost effectively.

Heatmiser is one of the UK’s leading smart thermostatic control manufacturers for radiant systems, enabling homeowners to accurately control heating and cooling in each room remotely. The company’s success is based on its portfolio of high-quality products, strong customer relationships, digitalised commercial model and great technical support for their customers.

Following the conclusion of this transaction, Heatmiser will become part of IMI Hydronic Engineering. This will increase IMI’s capacity to supply the rising demand for smart temperature controls in smart buildings, which is an area of particular strategic focus for IMI.

This acquisition will provide an attractive entry point for IMI into connected residential thermostatic control, a fast-growing market where Heatmiser is already a UK leader. It will also represent significant opportunities to leverage IMI Hydronic’s strong brand and market presence to scale Heatmiser’s offering across Europe, as well as leverage Heatmiser’s proven connected technology capabilities across existing and new IMI products.

The Norton Rose Fulbright team is being led by London-based corporate partner Claire O’Donnell assisted by Sarah Tonks, Tayo Hagger-David and Dennis Ng. They were supported by, amongst others, Dominic Stuttaford and Sofia Casselbrant (tax), Sun Hong (Shanghai) and David Hawkins and Julianna Khudoliei (real estate).

Claire O’Donnell said: 
“We are very pleased to support IMI on another significant acquisition, particularly given the accelerating demands for energy efficient products in this market.”

Earlier this year, Norton Rose Fulbright advised IMI on its acquisition of mechanical engineering company Bahr Modultechnik GmbH for €98 million.

Norton Rose Fulbright’s lawyers are known for providing high-quality, strategic transactional M&A advice for clients of all sizes, advising on some of the most high-profile, complex and significant transactions in the market. We have extensive experience in both private and public M&A and have a full service M&A offering including tax, labour, intellectual property, real estate, acquisition finance and antitrust advice.